Question

On the 30/5/93 Tolu & Co. paid 2 years rent of ₦50,000 which was debited to the rent account. The adjustment needed as at 31st December 1993 is?

Accepted Answer

debit rent account and credit prepayment account

Answer

debit rent account and credited adjustment account

Answer

debit prepayment account and credit rent account

Answer

debit adjustment account and credit prepayment account

On the 30/5/93 Tolu & Co. paid 2 years rent of ₦50,000 which was debited to the rent account. The adjustment needed as at 31st December 1993 is?